End Of Life Financial Planning

Опубликовано: 28 Май 2025
на канале: Mullooly Asset Management

177

5 Key Takeaways:

1. If someone is married and they pass away, this is the last year they can file a joint tax return, which may affect decisions on accelerating income for the surviving spouse.

2. Selling an asset at the last moment or near the end is almost always a bad decision; try to avoid this.

3. One of the most important tax benefits is a stepped up cost basis, which resets the cost basis of an asset to its value at the decedent's death, potentially washing away large unrealized capital gains.

4. When making gifts of appreciated securities, be mindful that you are also passing along the original cost basis, which could result in a significant tax bill for the recipient when they sell the asset.

5. If you own an asset jointly, only your half gets the stepped up cost basis upon your death, not the entire asset, unless in a community property state.

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Mullooly Asset Management is a fee-only investment advisory firm located in Monmouth County, NJ. We work to educate our clients regarding managing the risk in their investments. We act in a fiduciary capacity with our clients at all times.

Our family of investments advisors (Tom, and his three sons - Brendan, Tim and Casey) are all CFP® Professionals.

To our knowledge, WE ARE THE ONLY FAMILY firm - in the nation - with four fiduciary, fee-only investment advisors who all have earned CERTIFIED FINANCIAL PLANNER™ certification.

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